Russia To Propose Rolling Back 1.8 Million Bpd Of Oil Cuts

14/06/2018

Oil prices turned positive on Wednesday after a bigger-than-expected decline in USA crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer.

Oil prices edged higher on Wednesday, turning positive after US government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks.

"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the United States and other oil-consuming nations.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", the IEA said.

The Energy Information Administration decreased its 2019 forecast for global production to 102.21 million barrels a day, with most of the downward revision from the Organization of Petroleum Exporting countries.

Trump's complaints about OPEC come amid expectations of a more costly U.S. summer driving season.

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline. A gallon of regular gasoline is now $2.91, up 25 percent from the year-ago level.

"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group.

"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.

Saudi Arabia last month signaled it was ready to boost output in the second half of the year to ease consumer anxiety about higher prices, a policy U-turn for the kingdom that only weeks earlier advocated for production restraint. Saudi Arabia has already started pumping more crude.

The talks come within less than two months of oil minister Dharmendra Pradhan proposing an alliance between Indian and Chinese staterun oil companies for a greater say in the market.

Earlier this month, Bloomberg reported that the Trump administration asked OPEC and Russian Federation to boost oil output. World demand growth is unchanged.

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